Abstract:Purpose:The purpose of writing this study is to evaluate the efficiency of the country`s banking network about the number of changes in the asset market, including the stock market and the foreign exchange market. Design/Methodology/Approach: This paper uses the Markov rotation model for the period 2008:3-2018:3 quarterly. The Hodrick Prescott filter was used to extract exchange rate fluctuations, stock market indicators, and commercial cycles. Findings: The results indicated that commercial cycles have a nega… Show more
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